Orex Minerals Inc. Announces Proposed Spin Out
01.02.2013 | Marketwire
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATESVANCOUVER, BRITISH COLUMBIA -- (Marketwire - Feb. 1, 2013) - Orex Minerals Inc. (TSX VENTURE:REX) ("Orex" or the "Company") announces that its board of directors and management are consulting with its legal and financial advisors to evaluate the merits of proceeding with a reorganization of its business that will separate Orex's advanced-stage Barsele Gold Project in Sweden from all of Orex's other mineral properties (the "Proposed Transaction"). It is expected that the Proposed Transaction will be completed through a shareholder-approved plan of arrangement that would result in shareholders receiving the shares of a new company and continuing to hold shares of Orex.
The Proposed Transaction would be subject to the approval of Orex's shareholders, as well as regulatory and other approvals, including the approval of the TSX-V. If the board of directors of Orex decides to proceed with the Proposed Transaction, it is expected that it would become effective on or after May 1, 2013.
ABOUT OREX MINERALS INC.
Orex Minerals Inc. (TSX VENTURE:REX) is a Canadian-based junior exploration company comprised of highly qualified mining professionals. The Company has two current projects: its flagship property, the Barsele Gold Project located in Sweden, and the Coneto Gold-Silver Project situated in Durango, Mexico, currently under option to Fresnillo PLC.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope
President
FORWARD-LOOKING INFORMATION
This news release contains "forward-looking statements" including but not limited to statements with respect to Orex's plans, the estimation of mineral reserves and the success of exploration activities. Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, fluctuations in foreign currency exchange rates, possible variations in ore reserves or grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations; and political and economic developments in countries in which Orex operates. Although Orex has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Orex does not undertake any responsibility to update forward-looking statements, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Orex Minerals Inc.
Gary Cope, President
604-687-8566
(604) 687-6365 (FAX)
info@orexminerals.com
www.orexminerals.com